I Doubled A Business In 60 Days To Show It’s Not Luck | Ep 598
The Game with Alex Hormozi
Alex Hormozi
4.9 • 4.8K Ratings
🗓️ 10 October 2023
⏱️ 30 minutes
🧾️ Download transcript
Summary
Watch the YouTube version of this episode HERE
"Little 1% improvements over and over again yield these 50% boosts." Today, Alex (@AlexHormozi) shares with us how he was able to double the size of one of his portfolio companies in just 60 days by solving five key problems. He explains the importance of having processes in place for each function of acquisition and how product problems can impact sales. He then reveals the data of the company before and after the changes were made.
Welcome to The Game w/Alex Hormozi, hosted by entrepreneur, founder, investor, author, public speaker, and content creator Alex Hormozi. On this podcast you’ll hear how to get more customers, make more profit per customer, how to keep them longer, and the many failures and lessons Alex has learned on his path from $100M to $1B in net worth.
Timestamps:
(1:06) - Explanation of key terms: show, offer, close, cash, units
(5:12) - #1-2: Low show rate & Multitasking inefficiencies
(8:01) - #3: Low close rate
(9:22) - #4-5: Ineffective reminders & Low cash collected
(10:24) - Ineffective discovery, need to dig deeper
(11:10) - Ask why customers want the product/service
(14:21) - Delivery of message is important, tone and emphasis
(20:09) - Culture fit and tactical knowledge in hiring process
(23:59) - Optimize sales script, handle objections
(27:24) - 40% sales improvement, 80% offer rate, 41% close rate
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LinkedIn | Instagram | Facebook | YouTube | Twitter | Acquisition
Transcript
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| 0:00.0 | Real quick, you guys already know that I don't run any ads on this, and I don't sell anything, |
| 0:04.5 | and so the only ask that I can ever have are you guys that you help me spread the words, |
| 0:07.7 | we can not more entrepreneurs, make more money, feed their families, make better products, |
| 0:11.9 | and have better experiences for their employees and customers. |
| 0:14.9 | And the only way we do that is if you can rate and review and share this podcast. |
| 0:19.4 | So the single thing that I have to do is you can just leave review, |
| 0:21.9 | but take you 10 seconds or one type of the thumb, it would mean the absolute world to me, |
| 0:25.2 | and more importantly, it may change the world of someone else. |
| 0:28.1 | If you cut the lowest percent of the team and you have utilization like you have space, |
| 0:32.2 | you lose the lowest closing percentage, people, and you gain more closes just by shifting |
| 0:38.0 | the closing rate overall of the team. When you make those changes, in my experience, |
| 0:42.8 | sales people get into a rhythm. |
| 0:47.8 | Welcome to the game where we talk about how to sell more stuff to more people in more ways and |
| 0:51.3 | build businesses worth owning. I'm trying to build a billion dollar thing with acquisition.com. |
| 0:55.5 | I always wish Basos, Musk, and Buffett had documented their journey, |
| 0:58.4 | so I'm doing it for the rest of us. Please share and enjoy. |
| 1:03.2 | I have 13 portfolio companies, and I just doubled one of them in 60 days by solving five key |
| 1:07.7 | problems. And what I'm going to do is show you the data of what it was before, why it was wrong, |
| 1:13.3 | what we fixed, and what happened after. Enjoy. So this is the second smallest company on |
| 1:17.2 | our portfolio. It started by three young founders who are all sad because they were not making |
| 1:25.9 | the amount of money that they wanted to make, and they had these problems. And they were |
| 1:30.0 | riding this very bad roller coaster that they were desperately trying to get off. |
... |
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